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Q2 2016 Quarterly Results – PDC Energy, Inc.

PDC Energy, Inc. · Aug 9, 2016 · 25 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 1
    2016 SECOND QUARTER RESULTS August 9, 2016 1
  2. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 2
    BART BROOKMAN President and Chief Executive Officer 8/9/2016 3
  3. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 3
    Impressive 2016 Second Quarter Results 2016 Updated Guidance 57,112 Boe/d (5.2 MMBoe) total production Category Range 14% daily rate increase over 1Q16 Production (MMBoe) 21.0 22.0 54% increase from 2Q15 Capex (millions) 400 420…
  4. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 4
    Strong 2016 Projected Performance 2016e Reguided MidPoints 2016 Analyst Day Guidance(1) Low High Production 20.0 22.0 Adjusted Total Revenue(3) 618 654 Lease Operating Expense (per Boe) 3.09 3.60 Adjusted EBITDAX(2)(3) 425 450…
  5. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 5
    SCOTT MEYERS Chief Accounting Officer 8/9/2016 6
  6. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 6
    Summary U.S. GAAP Financial Results In millions, except per share data 40 5.5 70 Production Costs(1) vs Production Net Cash from Operating Activities 150 60 Production Costs (millions) Production (MMBoe) 30 120 50 Oil…
  7. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 7
    Summary Non-U.S. GAAP Financial Results In millions, except per share data 150 70 70 Adjusted EBITDA Adj. Cash Flow from Operations 60 150 60 Gross Margin per Boe 50 120 50 Oil Price (/Bbl) 100 Oil Price…
  8. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 8
    Debt and Liquidity As of 6/30/16 Available liquidity of 797 million(1) Debt / LTM EBITDAX(2) of 1.1x Debt Maturities 115 million 3.25% convertible senior notes redeemed in May 2016 115 million in cash and 792,000 shares 700…
  9. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 9
    Crude Oil and Natural Gas Hedges Summary Hedges in place as of June 30, 2016 Jul Dec 60% of crude oil volumes at weighted average floor price of 73.92/Bbl 2016 68% of natural gas volumes at weighted average floor price of 3.45/Mcf…
  10. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 10
    2016 Revised Financial Guidance 2015 2016 Guidance(1) Actual Low High Production 15.4 21.0 22.0 Capital Expenditures 559 400 420 Crude oil, natural gas and NGLs sales 379 449 487 Realized gain on derivatives 239 216 216 Other…
  11. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 11
    SCOTT REASONER SVP Operations 8/9/2016 12
  12. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 12
    PDC Energy Company Overview 57,112 Core Wattenberg 2Q16 Total Production (Boe/d) 96,000 net acres 54% YearoverYear Production Increase (MMBoe) 54,478 2Q16 Wattenberg Production (Boe/d) 2,633 2Q16 Utica Production…
  13. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 13
    Production Summary 2Q16 Highlights 1H16 Commodity Mix Strong 2Q16 production exceeded internal expectations NGLs Lifting costs FY16e guidance reduced due to increasing 20% Oil production and stable cost structure 40% Total Oil…
  14. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 14
    2016 Capital Details In millions 2016 Capital Allocation Area 1Q 2Q 2H16e FY16e Utica 8% Wattenberg 90 92 181 201 363 383 Utica 8 16 11 35 Other 1 0 1 2 Wattenberg 92% Total 99 108 193 213 400420 2Q16 D&C CAPEX inline…
  15. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 15
    Drilling and Completion Activity 2016 Gross Operated TIL Activity 2Q16 Gross Project Counts 90 Drilling Activity TIL Spuds SRL MRL XRL Utica Operated HZ 37 36 80 Wattenberg 34 35 70 Utica 3 1 60 Non Operated HZ (WI 19%) 7 1…
  16. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 16
    Significant Drilling Efficiencies Improvements 2016 drill times improved by 75% since 2014 and 100% since 2013 2016 efficiency gains further improving drill times 15% improvement over original forecast of 1,900 feet drilled per day…
  17. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 17
    Recent Completion Tests Show Positive Early Results 2016 Analyst Day Type Curves; Pro Forma NBL Acreage Trade Land Map LDS Project OUTER CORE 10 well pad 20well per section equivalent MRL Design TIL: 2Q16 15 55% increase in…
  18. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 18
    Strategic Acreage Trade Pro Forma Estimates Trade with Noble Energy expected to Close in Early 4Q 2016 PreTrade PostTrade OUTER OUTER CORE CORE MIDDLE MIDDLE CORE CORE INNER INNER CORE CORE PreTrade PostTrade 2H16 Rig…
  19. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 19
    2,500 Setback Initiative Update No New Oil & Gas Development Within 2,500 of Occupied Structures and Broadly Defined Areas of Special Concern Industry Viewpoint Colorado 90% off limits Confident that the resources are in place to…
  20. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 20
    Utica Update 65,000 net acres; 50% HBP 35MM capital plan in 2016 Neff well: May TIL o 10,000 lateral testing efficiency improvements o Encouraging early results Mason pad: June TIL o Delineate southern acreage; test completion…
  21. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 21
    Operations Highlights 2Q16 Highlights Wattenberg: Net production of 54,478 Boe/d beat internal estimates Operated production 90% of total 2Q16 volumes HZ wells 87% of operated production TIL 24 horizontal Niobrara wells (18…
  22. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 22
    Investor Relations Mike Edwards, Senior Director Investor Relations michael.edwardspdce.com Kyle Sourk, Manager Investor Relations kyle.sourkpdce.com Corporate Headquarters PDC Energy, Inc. 1775 Sherman Street Suite 3000 Denver,…
  23. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 23
    APPENDIX 24
  24. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 24
    Reconciliation of Non-US GAAP Financial Measures In millions, except per share data Three Months Ended Six Months Ended Adjusted EBITDA from net income (loss): June 30, June 30, 2016 2015 2016 2015 Net loss (95.5) (46.9) (167.0)…
  25. Q2 2016 Quarterly Results – PDC Energy, Inc. – slide 25
    Reconciliation of Non-US GAAP Financial Measures In millions, except per share data Three Months Ended Six Months Ended Adjusted net income (loss) from net income (loss): June 30, June 30, 2016 2015 2016 2015 Net income (loss)…

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